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Fiat Chrysler CEO says major shift on way for N. American plants

Published 2016-01-11, 12:37 p/m
© Reuters. Fiat Chrysler CEO says major shift on way for N. American plants
STLAM
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By Bernie Woodall
DETROIT, Jan 11 (Reuters) - Fiat Chrysler's FCHA.MI
FCAU.N Chief Executive Sergio Marchionne said on Monday the
company plans to make significant shifts to its North American
production footprint, which will be announced as part of the
company's quarterly financial results on Jan. 27.
Marchionne indicated that the company will further respond
to the shift in consumer tastes toward large SUVs and pickup
trucks and crossovers of all sizes.
"In view of the way that the market has shifted in the U.S.,
in what we consider to be a permanent change... these things are
going to set the tone for the way in which we allocate products
moving forward," he said.
Marchionne, speaking to reporters at the Detroit auto show,
said there will be no jobs lost or plant closings as a result of
the shifts, which will mostly be where models are made.
He declined to answer a question about shifting production
between the United States and Mexico, saying that those details,
along with an update of the company's five-year plan, will be
revealed on Jan. 27.
Several automakers have been shifting production away from
the higher cost United States to Mexico, particularly for less
profitable cars, and favoring large-vehicle production in the
United States and Canada.
He also said that Fiat Chrysler (N:FCAU) will make its financial
targets of zero industrial debt and operating profit of 9
billion euros by 2018.
He said that he will stay at his post running Fiat Chrysler
through 2018 and the end of the current five-year plan for the
company. He said that several Fiat Chrysler executives are in
positions that put them "in training" to be his successor.

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